Forex reserves hit lifetime high, rise USD 2.8 bn to USD 592.894 bn
The country's foreign exchange reserves rose by USD 2.865 billion to a record high of USD 592.894 billion for the week ended May 21, boosted by gold and currency assets, RBI data showed on Friday.
The previous all-time high for the forex kitty was USD 590.185 billion for the week ended January 29, 2021. For the previous week ended May 14, the reserves had increased by USD 563 million to reach USD 590.028 billion. Foreign currency assets (FCA), a major component of the overall reserves, swelled by USD 1.649 billion to USD 548.519 billion for the reporting week, the RBI said. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. After remaining unchanged in the previous week, gold reserves rose by USD 1.187 billion to USD 36.841 billion, the apex bank said. The special drawing rights (SDRs) with the International Monetary Fund (IMF) increased by USD 7 million to USD 1.513 billion. The country's reserve position with the IMF too increased by USD 22 million to USD 5.021 billion in the reporting week, as per the data.